Landmark Land Co. v. Sprague

WINTER, Circuit Judge:

Mercantile National Bank of Chicago and Mercantile Holdings, Inc. (collectively, “Mercantile”), appeal from orders of the United States District Court for the Southern District of New York, Lee P. Gagliardi, Judge, granting plaintiff-appellee Landmark Land Company’s (“Landmark”) motions for partial summary judgment, 529 F.Supp. 971 (1981), and for an injunction enjoining any party from instituting or prosecuting proceedings relative to rights in a disputed note and deed of trust. We reverse.

I

In 1972, the First State Bank of Northern California (“First State”) loaned…